Smithfield to Buy Most of ConAgra Meat Assets
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Smithfield Foods Inc., the largest global pork processor, said it agreed to acquire most assets of the branded meats business of ConAgra Foods Inc. for about $575 million in cash and stock.
Brands being acquired include Armour, Butterball, Eckrich, Margherita, Longmont and LunchMakers, which are marketed to grocers, delis and restaurants. The brands have sales of about $1.8 billion.
Smithfield spokesman Jerry Hostetter said the acquisition would firm up the company’s presence in the lucrative packaged-meats business.
Shares of Smithfield, Va.-based Smithfield Foods fell 24 cents to $28.45, while shares of Omaha-based ConAgra fell 24 cents to $21.50.
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